UBS could pay $450m to settle Libor claims

The Swiss bank UBS is close to a settlement with US and British authorities and is expected to pay more than $450m (£280m) over claims that some of its employees submitted false Libor rates, the New York Times reported.

A UBS spokeswoman told Reuters that the bank was in the midst of discussions with authorities in the two countries in connection with Libor investigations and had been co-operating fully with the regulatory and enforcement authorities, but gave no further details.

"As we are in the midst of discussions with those authorities, we cannot comment further," the UBS spokeswoman Karina Byrne said.